It’s the full monty for Panesar after multi-million funding deal
A WEST Bromwich sauce and condiment manufacturer is set to expand its production after concluding a multi-million-pound funding deal.
Panesar Foods currently produces about 15,000 tonnes of sauces, dips and chutneys a year. It has secured £7.43m of funding from HSBC’s newly appointed Corporate Banking team in Birmingham to enable it to go ahead with the expansion.
The sauce business, which produces a variety of sauce products in a range of packaging presentation styles, will use the funding package to invest in new production facilities designed to streamline the packing process.
The new capacity will enable the company to increase production and recruit 30 new staff to meet growing demand.
The deal was one of the first undertaken by the new Corporate Banking team in Birmingham, which is headed by Rikki Griffiths as Area Director of Corporate Banking, and Gary Burton as Regional Director of Corporate Banking for the Midlands.
Burton said: “Birmingham is the hub for the area. Mid-sized businesses are critical to its success and their contribution has been underestimated for too long. Companies like Panesar Foods are ambitious and innovative, and I am delighted that our new Corporate Banking team was able to support Panesar with their business expansion.”
Bill Panesar, managing director of Panesar Foods, said: “Since we started out in 1992 we have come a long way, growing from a range of just four products to almost 1,000. HSBC has supported our business for more than 15 years and I am indebted to that on-going commitment.”
The new banking team is focused on supporting mid-sized businesses in Birmingham. It is using the findings of a new report into the mid market sector to outline its funding strategy.
The report, Hidden Impact -The vital role of Mid-Market Enterprises, commissioned by HSBC from Oxford Economics, shows that Mid-Market Enterprises (MME) are powering the economy much more than previously realised, contributing more than twice as much in terms of economic output as the entire financial services industry.
